mkt 500 milestone four

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MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY Milestone Four: Organizational Objectives & Strategy Jordan Sadler MKT 500 Professor Teague

MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY When a company is rolling out a new product or service, it is imperative that there are clear objectives set in place that act as the guideposts for measuring the success of the marketing plan for the new product or service. This paper is going to outline the five marketing objectives that we will be using to track the success of Walmart’s new meal kit service. These objectives will help ensure the success of this new service. Marketing Objectives 1. Increase brand awareness with ongoing marketing campaigns 3 months leading up to service launch. An important part of releasing a new product or service is making sure that consumers become aware of the new service leading up to the service launch. The more visible that the new service is, the more chances there are to reach potential customers. In order to accomplish this for Walmart’s new meal kit service, we plan on running various marketing campaigns to increase awareness and visibility of the new service in the three months leading up to the service launch. One of the ways we plan on doing this is by placing an advertisement for the new meal kit service on the front page of Walmart’s e-commerce platform. Walmart.com already receives a lot of visitor traffic from returning and potential customers, averaging over 300 million visitors to their site each month, so placing an ad for the meal kit service right on the front of the e- commerce platform is a sure way to increase visibility for the new service (SimilarWeb, 2023). Another thing that Walmart has been known for in the past is their use of commercials as a form of advertising. Walmart does a great job of using commercials to highlight their continuous low prices, seasonal deals, and new products that they need to promote. We plan on doing the same thing and creating a commercial to promote the new meal kit service. The commercial will use

MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY the same style that Walmart typically uses in their commercials which are typically fun, vibrant and centered around activities with family and friends, while also highlighting the new service and its low price. Walmart will be able to use the commercial on traditional television as well as on their various social media platforms like Instagram, Facebook and Twitter where they have millions of followers on each. We believe that these marketing campaigns will be a successful way of increasing awareness for the new meal kit service. 2. Test a new lead generation source every month for the first 6 months after service launch. This objective also correlates with increasing awareness for the new meal kit service. Testing new lead generation sources means finding new ways to attract and capture customers, and there are a lot of ways that this can be accomplished. Walmart can test different marketing strategies such as paid advertisements, social media, collaborations with influencers, referrals and more to determine what does the best job of creating new customers. For example, Walmart can test a referral system for the meal kit service where if a current customer of the service refers a new customer, they both will receive a discount on a future service. This is a great way to build trust with current customers while also being able to gain new customers because consumers typically have a high level of trust when it comes to authentic word of mouth referrals from people that are actually using the service themselves. Walmart could also test partnering with different celebrities and influencers to promote the new meal kit service. With these partnerships, they would choose different celebrities or influencers to promote the new meal kit service on their own social media platforms and they would provide a unique promo code for new customers to sign up with in order to receive a discount on their service. This is an easy way to track success because Walmart would be able to see

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MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY exactly how many new customers sign up for the service using one of these promo codes. These are just a few examples of different lead generation sources that Walmart can test to attract new customers. By testing a new source every month, Walmart can determine which source works the best and then continue to implement that in the future. 3. Increase search engine rankings and become one of the top search results for meal kits within 6 months of service launch. A very organic way of attracting new customers is by being ranked highly in search engines when potential customers are searching for a certain type of product or service. This is why we want Walmart’s new meal kit service to be one of the top results when consumers are searching for meal kits on search engines like Google or Bing. Being one of the top search results for meal kits will increase the odds of potential customers coming across Walmart’s meal kit service over other competitors. There are multiple things that Walmart can do to increase their search engine ranking. One of the main factors in search engine ranking is having an efficient website that keeps users engaged. Search engines like Google track website bounce rates in order to determine website efficiency. The bounce rate refers to the percentage of website visitors who end up leaving the site after viewing only one page or without engaging with the site. A high bounce rate indicates that visitors aren’t finding what they need on a specific site, which therefore will lower their search engine ranking. Walmart will need to make sure the website for their meal kit service is efficient and has the information needed to keep visitors engaged, and this will help increase their search engine ranking. 4. Start a customer ambassador program within 6 months of the meal kit service launch.

MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY Brand ambassador programs are a tool that a lot of companies have started using in order to increase visibility and awareness surrounding their products and services. Brand ambassador programs aim to build a community around a company’s products and services where consumers have a platform to share their experiences and ultimately promote a company’s products to other likeminded individuals that share the same interests. The main goal of a brand ambassador program is to create a space for a company’s most passionate customers to be able to share their experiences and show love to the company publicly with the specific goal of attracting new customers and increasing sales through exposure. If Walmart were to implement a brand ambassador program for their meal kit service, it would be a great opportunity to raise awareness for the service. There are many benefits to a brand ambassador program, one of them being that brand ambassadors are highly trusted. These days, most people will search for reviews to see what others have experienced when it comes to a product or service that they are interested in, and a brand ambassador program is a great way to generate positive reviews for the service. Another benefit is that brand ambassadors will create and share content on a company’s behalf. As long as they are provided with the service and necessary information, the ambassador will create content that highlights the company in a unique and positive way and share it with their audience. 5. Retain at least 50% of meal kit customers by the end of the first fiscal year. A great way of measuring success for a product or service is by taking a look at how many customers the company was able to retain over a certain period of time. It will cost a company far more to attract new customers that it will to sell to existing customers, so retaining existing customers is crucial to maintain profit and secure brand loyalty. Also, customers that have already purchased a product or service from a company are more

MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY likely to turn into repeat customers and spend more money over time. The meal kit industry already has a high cancellation rate, mainly due to the typically high cost of the service, so if Walmart is able to retain a high percentage of their meal kit service customers, it will be a great indicator of the services success against competitors that may be struggling with retaining customers. Target Market Walmart’s target market historically started by targeting low to middle-class rural families. The company’s founder realized that rural areas were being underserved for supplies and that discount stores would be a very lucrative market to enter, and rural areas were the perfect marketplace to thrive in. Walmart’s goal is to provide a one-stop shop retail experience for customers, and this is why in most rural areas Walmart is the largest retailer that is nearby and available for consumers. But over the years, Walmart has greatly expanded, and they now have a presence in both urban and rural areas, and they target customers of all different demographics and socioeconomic backgrounds. My target market for Walmart’s new meal kit service are consumers who value low prices and convenience. I chose this target market because it encompasses many different consumers across different demographic, psychographic and behavioral segments which leaves a lot of room for growth for this new service. Walmart realizes that saving money and overall convenience is a common goal for most customers across all socioeconomic backgrounds, which is why their low prices and one-stop shop retail experience attracts as many customers as they do. When it comes to Walmart’s new meal kit service, we are looking to provide the most affordable meal kit service in the industry.

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MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY This will attract customers of all different ages, gender, incomes, and occupations that share the common goal of taking advantage of low prices for this convenient service. As far as age, we are targeting customers 18 and up that have the ability to purchase this service themselves, but there is no age limit as this service can be useful for adults of all ages all the way up to the senior level. As far as income, we are targeting customers with low to high incomes that ultimately are just looking to save money on this service. It has been stated that high cost is the number one reason that people stop using meal kit services (Reily, 2022). So, by providing a more affordable meal kit service than what’s currently available, we hope to minimize this problem and open the door for more consumers to be able to use this service with Walmart. And seeing as though Walmart has over 10,500 stores in 19 countries, geographically we will be targeting customers in all of these markets that they already serve because the meal kit service will be available for in- store pickup as well as online on their e-commerce platform. Walmart already does a great job of catering to their target market since it includes such a wide variety of consumers across different segments. By targeting such a wide range of consumers and staying true to their mission of saving people money, Walmart has been able to grow to be the largest company in the world, bringing in over $600 billion in revenue in their most recent fiscal year (Fortune, 2023). We believe that adding a meal kit service to Walmart will help grow the revenue of the company. The meal kit industry is already a multi-billion dollar industry that is only expected to keep growing, and Walmart has a great chance of capturing that revenue and market share by adding their own meal kit service.

MILESTONE FOUR: OBJECTIVES & TARGET MARKET STRATEGY Reference Walmart.com Traffic Analytics, Ranking Stats & Tech Stack . SimilarWeb. (2023, September). https://www.similarweb.com/website/walmart.com/#overview Fortune (2023, September 5). Fortune Global 500 . Fortune. https://fortune.com/ranking/global500/ Reiley, L. (2022, March 14). Meal-kit delivery companies flourished early in the pandemic, but are struggling now. Washington Post, NA. https://link-gale- com.ezproxy.snhu.edu/apps/doc/A696696217/GBIB? u=nhc_main&sid=ebsco&xid=a7eb972e

mkt 500 milestone four

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